WCAworld suspends Gold Medallion Protection to its member freight forwarders in Sri Lanka

• Cites on-going forex troubles as the key reason
• “We will reinstate GM Protection as soon as the situation allows”-  WCAworld

Amidst the on-going foreign exchange crisis, the world’s largest independent freight forwarders network, WCAworld has temporarily suspended its Gold Medallion (GM) coverage for its membership in Sri Lanka.

“GM coverage has been temporarily suspended for Sri Lankan member offices of all WCAworld networks, due to severe difficulties in remitting funds and changes to Sri Lankan custom regulations. 

This change affects any shipments involving Sri Lankan members commencing from 22 March 2022,” WCAworld announced in a notice. 

The Gold Medallion Plan acts as a tool that allows its members to conduct business without hesitation, making them more efficient and effective and saves time and expense on background or credit checks. 

WCAworld’s Gold Medallion Protection offers up-to US$ 100,000 coverage on same-network claims and up to US$ 50,000 cross-network coverage claims for its members.

WCAworld did not specify a timeline to resume its Gold Medallion plan for Sri Lanka. 

“We will reinstate GM Protection as soon as the situation allows,” it said.

With over 10,431 member offices in 191 countries around the world, WCAworld is the world’s largest and the most influential network of independent freight forwarders.